Lunit raised capital to acquire Volpara, a breast-cancer screening–focused AI company that serves over 2,000 U.S. medical institutions. The company secured ₩166.5 billion via convertible bonds and will use the funds entirely for the Volpara acquisition. New Zealand’s High Court approved the deal and Volpara’s shares were suspended on the Australian exchange, completing the legal steps; the acquisition will be finalized this month upon payment. Lunit plans post-merger integration (PMI) and intends to begin selling Volpara products globally, centered on the U.S., as soon as late this year. Volpara reported 322억원 (39.41 million NZD) in revenue for 2023 and has exhibited a five‑year CAGR above 50%; its results will be included in Lunit’s consolidated financials from June. Lunit’s CEO stated that M&A approval and funding completion removed uncertainties and will reinforce the company’s position in the global medical AI market. Lunit develops AI-powered solutions for cancer diagnostics and treatment support. The company completed a $150 million paid-in capital increase via a public offering that was fully paid in. Shareholder participation surpassed 100%, and NH Investment & Securities served as the underwriter for the funding. The Board approved the capital raise on August 23 and the process was concluded on November 9. Lunit plans to allocate $52 million to next-generation product development, $15 million to recruiting global talent and labor costs, and $15 million to intangible asset acquisitions. It will also invest $38 million in overseas subsidiaries in the US and Europe and establish a $30 million corporate venture capital (CVC) vehicle for strategic investments. Lunit, led by CEO Brandon Suh, develops AI-powered diagnostic tools for cancer screening and biomarkers that predict and guide which patients respond to specific cancer therapies. Its radiology suite, Lunit INSIGHT, covers chest x-ray and mammography and is available in more than 30 countries. The company distributes its radiology solutions through partnerships with medical device companies including GE Healthcare, Philips, and FujiFilm, and will be offered in the U.S. following recent FDA approval. Lunit raised $61M in pre-IPO funding with backers including HealthQuest Capital (which invested $20M), Casdin Capital, American Cancer Society BrightEdge, Tybourne Capital Management, and NSG Ventures. In addition, Guardant Health made a $26M strategic investment; together the financings bring Lunit’s total secured capital to more than $135M ahead of a planned KOSDAQ IPO next year. No additional operating metrics (revenue/users) were disclosed in the article. Lunit is a Seoul, South Korea-based medical artificial intelligence firm specializing in precision diagnostics and therapies. The company develops AI-powered radiology and pathology solutions using deep learning. Lunit focuses on advanced medical image analytics and data-driven imaging biomarkers. Lunit, abbreviated from "learning unit," is devoted to developing these technologies via cutting-edge deep learning technology. In July 2021 Lunit raised $26M in a Series C led by Guardant Health and Shinhan Investment. The round was backed by Asian investors, including InterVest, IMM Investment, Kakao Ventures, and Legend Capital of Lenovo Group.

Total raised

$361M

Funding rounds

4

Latest round

Convertible Note

Latest activity

May 2024